RESTON, VA--(Marketwire - October 8, 2007) - Approva® Corporation (
www.approva.net), the
leader in continuous controls monitoring and audit automation software,
today announced strong revenue growth for its fiscal third quarter. The
company's revenue bookings grew 43% over the previous quarter. Growth was
highlighted by a record number of transactions including software licensing
agreements with Siemens AG, TXU, First Advantage, HealthMarkets, Logitech,
Komatsu, Citizens Gas as well as significant additional licensing
transactions with both current and new customers.
"We are pleased with our Q3 results and gratified that so many of the
world's largest and most respected brands have put their confidence in
Approva to automate their governance, risk and compliance (GRC) programs,"
said Approva CEO Prashanth "PV" Boccasam. "As companies formalize and
expand their GRC programs it is clear that they view controls automation
solutions as a core element of their strategies for implementing
sustainable enterprise-wide GRC programs."
Approva's growth was well-balanced across regions and vertical industries.
International revenue and revenue from Approva's products for monitoring
controls in Oracle applications was particularly strong.
"One of the key factors that differentiates Approva from other vendors in
the GRC market is our unique solution offering and the direct impact it has
on our customers' financial audit cycle," said Steve Elliott, chief
technology officer at Approva. "Our products have made segregation of
duties, configuration change control, and business process control
violations a thing of the past. This was evident in Q3 as a number of
existing customers expanded their investment in Approva's products to
address their operational controls within custom and legacy applications."
Proven Product Offerings Lead to Expanded Customer Base
The average size of transactions grew significantly this quarter as more
companies chose to implement controls monitoring solutions globally and
across multiple ERP systems. In addition, existing customers licensed
additional products to extend their continuous controls monitoring and
audit processes to new applications and further automate their processes
for controls testing, remediation and sign-offs for SAP, Oracle, PeopleSoft
and other ERP solutions as well as legacy and custom applications.
Worldwide License Agreement with Major Audit Advisory Firm and Expanded Use
by Big 4 Audit Firms Reinforce Approva's Position as Industry Standard
A major audit advisory firm has licensed Approva BizRights™ platform and
related solutions to support its internal audit, business and technology
risk consulting services worldwide. The agreement will enable the audit
advisory firm to design and test their clients' ERP controls.
Half of the "Big 4" accounting firms have fully deployed Approva's
continuous controls monitoring suite of products across their global audit
and consulting practices. In addition, more than 900 audit professionals
across the major accounting firms have achieved Approva Certified
Professional (ACP) status and are qualified to deploy and use the company's
software.
Prestigious Industry Recognition for Excellent Customer Support
The Service and Support Professionals Association (SSPA), the largest and
most influential association for technology services professionals recently
recognized Approva as the winner of the Star Excellence Award for "Emerging
Business Support." The Approva Support and Training organization was
honored for exemplary customer support with software implementations and
for maintaining customer satisfaction and loyalty through effective
technical support.
Other recent industry recognition included the American Marketing
Association's award for best integrated business-to-business marketing
campaign, the Web Marketing Association's Standard of Excellence Award for
the Approva corporate website and Approva's official blog
Audit Trail; International
Association of Business Communicator's prestigious Silver Inkwell Award for
Online Communication; Approva CEO Prashanth "PV" Boccasam was selected as
a Greater Washington Ernst & Young Entrepreneur of the Year finalist; and
the company's full leadership team was selected as a finalist in the
Northern Virginia Technology Council (NVTC) "Hottest Management Team"
award.
About Approva
Approva® Corporation is the industry-leading provider of governance, risk
and compliance (GRC) software for continuous controls monitoring and audit
automation. We enable business, finance, IT and audit professionals to
automate controls across SAP, Oracle, JD Edwards, PeopleSoft and other
legacy applications. Our products are the controls monitoring standard for
half of the Big-4 audit firms. Global companies such as Bayer, DirecTV,
Discovery Communications, First Advantage, Honeywell, P&G, Pratt & Whitney,
Siemens and T-Mobile rely on Approva to reduce compliance risk, increase
operational efficiency and flag exceptions to their business controls.
Approva has certified integrations with Microsoft, Sun Microsystems, IBM
and SAP to provide a holistic GRC solution. For more information, visit
www.approva.net.
Editors Note: For company news and other information, please log onto to
Approva's press room at
www.approva.net/news.
Contact Information: For More Information Contact:
Matthew Langan
DBC Public Relations for Approva
202.298.7600 x.219
matthew@dbcpr.com
Priya Ramesh
Approva
703.956.8409
Priya.ramesh@approva.net